I just got off a phone call with another property manager in Birmingham who was asking me about the seasonality of leasing homes in the City. It brought to mind one of the first questions people ask when they call us is, “How quickly can you lease my home?”
The seasonality of the leasing season has a lot to do with the answer to the question most prospective owners want to know.
So what does the leasing season look like in Birmingham?
Hot times – February, May, June, July, August, November
Cool times – January, March, April, September, October, December
Why the “Hot times”? – The obvious times people lease homes are during natural breaks in their lives. The most natural break is traditionally when children get out of school. Thus the May – August dates. What is so interesting is how the school year still affects when others move even if they don’t have kids.
For people who are “post school” and “pre-kids” they still fall into the cadence of needing a rental house at the same times of the year, because they get out of school, lease a home for a year, then the lease keeps either renewing and/or ending in the summer. Then if they move, they are keeping a consistent cadence till they decide to purchase a home and get out of the rental world altogether.
The less known months for leasing a home are more about avoiding the holidays than they are about trying to strategically move at a good time. November is all about people getting in the new home BEFORE the holidays. February is after the holidays and typically when a lot of people file their taxes and receive their income tax returns – this affords them the cash they need to pay a deposit, first month’s rent and pay to move.
If you have any specific questions about your home and/or when we think it will lease, please reach out to us. We’d love to help.